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Rio Tinto is discovering an awkward truth about Glencore: walking away can be expensive. Since merger talks between the $180 billion Australian mining giant and the $90 billion Swiss commodity trader collapsed in February, Glencore's shares have climbed 23%, outpacing Rio's own 16% gain.
Two years ago, Rio, BHP, Anglo American and Glencore all traded on around 5 to 6 times their EBITDA. Since Anglo tied up with Canadian peer Teck last year and dumped its coal to become a transition metal specialist, its valuation has jumped to over 8 times.
力拓发现了一个尴尬的事实：放弃嘉能可代价不菲。今年2月，这家市值1800亿美元的澳洲矿业巨头与市值900亿美元的瑞士大宗商品交易商之间的并购谈判破裂后，嘉能可股价已上涨23%，超过力拓16%的涨幅。
两年前，力拓、必和必拓、英美资源和嘉能可的交易估值均在EBITDA的5到6倍左右。自英美资源去年与加拿大同业Teck合并、剥离煤炭业务转型为转型金属专业公司后，其估值已跃升至8倍以上。
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